Varney: Coronavirus lockdowns put NYC 'in crisis'
Varney: Will social distancing be the end of NYC?
FOX Business’ Stuart Varney worries the combination of coronavirus lockdowns and violent protests may spell the end of New York City’s economy.
When coronavirus gripped the nation, lockdowns shut down stores and offices. One city especially hit hard is New York City.
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Adding to that the violent unrest during the protests after George Floyd's death, New York City has been "clobbered by the virus, the lockdown and urban unrest," according to FOX Business’ Stuart Varney, in his latest "My Take."
"New York City is in crisis," Varney said. "It's very hard to see how New York, and other cities, can come out of this in even halfway decent shape."
Varney fears people who live in major metropolitan areas are facing an uncertain future since social distancing rules have severely limited public transportation like subways and buses.
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"How do you get millions of people back into the office towers of Manhattan?" Varney asked. "If fewer come back, the businesses that serve them won't survive. That changes the fabric of city life, not just in New York."
On top of the uncertainty coronavirus caused, protests destroyed and looted storefronts all while demonstrators called to defund police departments. Varney doesn't think that's the answer.
"What does that do for safety?" Varney wondered. "People expect protection, and if they're not going to get it, they won't be enthusiastic about living or working in a defunded city."
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Varney pointed to the growing encampment outside of New York City's City Hall and a spike in crime in the city which might discourage people from coming back to the Big Apple.
"Why come back here if the advantages of city life have drained away and you put your life and property at risk," Varney questioned.
Varney said New York City was already witnessing a mass exodus for various reasons.
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"The suburbs are growing," Varney mentioned. "States with low taxes are growing. Work-from-home, outside the office tower, that's really growing. All the expense of the big cities with a legacy of mismanagement and urban unrest."
Meanwhile, Varney admitted coronavirus sped up trends that were already rising, such as online shopping, teleconferencing, the ability to work from home and streaming entertainment.
"You could call all of these a positive, a shift in lifestyle that opens up a lot of possibilities," Varney said.
All that being said, Varney believes the future of big cities might be grim, saying it's "hard to see the positives in anger, gear, business failures and mayors who have lost control."
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